FRB: H.4.1 Release-- Factors Affecting Reserve Balances -- Thursday, April 5, 2018

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks	April 5, 2018

1. Factors Affecting Reserve Balances of Depository Institutions

Millions of dollars

Reserve Bank credit, related items, and reserve balances of depository institutions at Federal Reserve Banks	Averages of daily figures			Wednesday Apr 4, 2018
	Week ended Apr 4, 2018	Change from week ended
	Week ended Apr 4, 2018	Mar 28, 2018	Apr 5, 2017
Reserve Bank credit	4,351,813	- 5,540	- 82,959	4,345,426
Securities held outright¹	4,178,587	- 10,027	- 68,271	4,171,790
U.S. Treasury securities	2,419,828	- 4,996	- 44,579	2,413,031
Bills²	0	0	0	0
Notes and bonds, nominal²	2,288,742	- 5,143	- 50,728	2,281,885
Notes and bonds, inflation-indexed²	111,220	0	+ 4,177	111,220
Inflation compensation³	19,866	+ 147	+ 1,971	19,926
Federal agency debt securities²	4,391	0	- 8,938	4,391
Mortgage-backed securities⁴	1,754,368	- 5,030	- 14,754	1,754,368
Unamortized premiums on securities held outright⁵	154,393	- 418	- 14,964	154,279
Unamortized discounts on securities held outright⁵	-14,010	+ 13	+ 964	-14,038
Repurchase agreements⁶	0	0	0	0
Loans	29	+ 10	- 27	24
Primary credit	10	+ 5	- 34	2
Secondary credit	0	0	0	0
Seasonal credit	19	+ 5	+ 8	23
Other credit extensions	0	0	0	0
Net portfolio holdings of Maiden Lane LLC⁷	1,708	0	- 1	1,708
Float	-532	- 324	+ 97	-378
Central bank liquidity swaps⁸	5,011	+ 4,932	- 64	5,011
Other Federal Reserve assets⁹	26,626	+ 272	- 695	27,029
Foreign currency denominated assets¹⁰	22,269	- 93	+ 2,162	22,166
Gold stock	11,041	0	0	11,041
Special drawing rights certificate account	5,200	0	0	5,200
Treasury currency outstanding¹¹	49,566	+ 14	+ 785	49,566

Total factors supplying reserve funds	4,439,889	- 5,619	- 80,013	4,433,399

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

1. Factors Affecting Reserve Balances of Depository Institutions (continued)

Millions of dollars

Reserve Bank credit, related items, and reserve balances of depository institutions at Federal Reserve Banks	Averages of daily figures			Wednesday Apr 4, 2018
	Week ended Apr 4, 2018	Change from week ended
	Week ended Apr 4, 2018	Mar 28, 2018	Apr 5, 2017
Currency in circulation¹¹	1,637,768	+ 2,466	+ 100,573	1,640,597
Reverse repurchase agreements¹²	270,063	+ 29,775	- 250,776	265,257
Foreign official and international accounts	248,976	+ 19,599	- 3,201	260,687
Others	21,087	+ 10,175	- 247,574	4,570
Treasury cash holdings	319	+ 2	+ 53	320
Deposits with F.R. Banks, other than reserve balances	393,054	- 17,567	+ 212,476	384,291
Term deposits held by depository institutions	0	0	0	0
U.S. Treasury, General Account	303,916	- 14,942	+ 214,706	300,604
Foreign official	5,255	- 54	+ 76	5,254
Other¹³	83,883	- 2,571	- 2,307	78,434
Other liabilities and capital¹⁴	44,639	- 1,019	- 2,527	44,202

Total factors, other than reserve balances, absorbing reserve funds	2,345,844	+ 13,657	+ 59,801	2,334,668

Reserve balances with Federal Reserve Banks	2,094,045	- 19,276	- 139,813	2,098,731

Note: Components may not sum to totals because of rounding.

1.	Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.
2.	Face value of the securities.
3.	Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.
4.	Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.
5.	Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized. For U.S. Treasury securities, Federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest basis.
6.	Cash value of agreements.
7.	Refer to table 4 and the note on consolidation accompanying table 6.
8.	Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign central bank.
9.	Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable. Also, includes Reserve Bank premises and equipment net of allowances for depreciation.
10.	Revalued daily at current foreign currency exchange rates.
11.	Estimated.
12.	Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.
13.	Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States.
14.	Includes the liability for earnings remittances due to the U.S. Treasury.

Sources: Federal Reserve Banks and the U.S. Department of the Treasury.

1A. Memorandum Items

Millions of dollars

Memorandum item	Averages of daily figures			Wednesday Apr 4, 2018
	Week ended Apr 4, 2018	Change from week ended
	Week ended Apr 4, 2018	Mar 28, 2018	Apr 5, 2017
Securities held in custody for foreign official and international accounts	3,437,837	- 6,386	+ 223,646	3,441,253
Marketable U.S. Treasury securities¹	3,084,140	- 6,796	+ 192,545	3,088,031
Federal agency debt and mortgage-backed securities²	274,105	+ 1,499	+ 13,451	273,923
Other securities³	79,592	- 1,089	+ 17,649	79,298
Securities lent to dealers	26,918	+ 2,460	+ 2,590	24,874
Overnight facility⁴	26,918	+ 2,460	+ 2,590	24,874
U.S. Treasury securities	26,918	+ 2,460	+ 2,638	24,874
Federal agency debt securities	0	0	- 48	0

Note: Components may not sum to totals because of rounding.

1.	Includes securities and U.S. Treasury STRIPS at face value, and inflation compensation on TIPS. Does not include securities pledged as collateral to foreign official and international account holders against reverse repurchase agreements with the Federal Reserve presented in tables 1, 5, and 6.
2.	Face value of federal agency securities and current face value of mortgage-backed securities, which is the remaining principal balance of the securities.
3.	Includes non-marketable U.S. Treasury securities, supranationals, corporate bonds, asset-backed securities, and commercial paper at face value.
4.	Face value. Fully collateralized by U.S. Treasury securities.

2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, April 4, 2018

Millions of dollars

Remaining Maturity	Within 15 days	16 days to 90 days	91 days to 1 year	Over 1 year to 5 years	Over 5 year to 10 years	Over 10 years	All
Loans	2	22	0	0	0	...	24
U.S. Treasury securities¹
Holdings	229	119,506	290,367	1,080,010	296,395	626,525	2,413,031
Weekly changes	- 30,972	+ 30,225	- 8,071	- 1,503	- 1,617	+ 86	- 11,852
Federal agency debt securities²
Holdings	0	1,982	62	0	0	2,347	4,391
Weekly changes	0	0	0	0	0	0	0
Mortgage-backed securities³
Holdings	0	0	1	74	36,610	1,717,683	1,754,368
Weekly changes	0	0	0	+ 8	+ 901	- 909	0
Repurchase agreements⁴	0	0	...	...	...	...	0
Central bank liquidity swaps⁵	5,011	0	0	0	0	0	5,011

Reverse repurchase agreements⁴	265,257	0	...	...	...	...	265,257
Term deposits	0	0	0	...	...	...	0

Note: Components may not sum to totals because of rounding.
...Not applicable.

1.	Face value. For inflation-indexed securities, includes the original face value and compensation that adjusts for the effect of inflation on the original face value of such securities.
2.	Face value.
3.	Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.
4.	Cash value of agreements.
5.	Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign central bank.

3. Supplemental Information on Mortgage-Backed Securities

Millions of dollars

Account name	Wednesday
Account name	Apr 4, 2018
Mortgage-backed securities held outright¹	1,754,368

Commitments to buy mortgage-backed securities²	14,422
Commitments to sell mortgage-backed securities²	0

Cash and cash equivalents³	3

1.	Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.
2.	Current face value. Generally settle within 180 days and include commitments associated with outright transactions, dollar rolls, and coupon swaps.
3.	This amount is included in other Federal Reserve assets in table 1 and in other assets in table 5 and table 6.

4. Information on Principal Accounts of Maiden Lane LLC

Millions of dollars

Account name	Wednesday
Account name	Apr 4, 2018
Net portfolio holdings of Maiden Lane LLC¹	1,708

Outstanding principal amount of loan extended by the Federal Reserve Bank of New York²	0
Accrued interest payable to the Federal Reserve Bank of New York²	0
Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co.³	0

1.	Fair value. Fair value reflects an estimate of the price that would be received upon selling an asset if the transaction were to be conducted in an orderly market on the measurement date. Assets are revalued quarterly.
2.	Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York's statement of condition consistent with consolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 6.
3.	Book value. The fair value of these obligations is included in other liabilities and capital in table 1 and in other liabilities and accrued dividends in table 5 and table 6.

Note: On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended credit to Maiden Lane LLC under the authority of section 13(3) of the Federal Reserve Act. This limited liability company was formed to acquire certain assets of Bear Stearns and to manage those assets through time to maximize repayment of the credit extended and to minimize disruption to financial markets. The remaining outstanding balances of the senior loan from FRBNY to Maiden Lane LLC, and the subordinated loan from JPMorgan Chase & Co. to Maiden Lane LLC were repaid in full, with interest.

5. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Assets, liabilities, and capital	Eliminations from consolidation	Wednesday Apr 4, 2018	Change since
			Wednesday	Wednesday
			Mar 28, 2018	Apr 5, 2017
Assets
Gold certificate account		11,037	0	0
Special drawing rights certificate account		5,200	0	0
Coin		1,822	- 13	- 86
Securities, unamortized premiums and discounts, repurchase agreements, and loans		4,312,055	- 12,154	- 89,111
Securities held outright¹		4,171,790	- 11,852	- 75,116
U.S. Treasury securities		2,413,031	- 11,852	- 51,423
Bills²		0	0	0
Notes and bonds, nominal²		2,281,885	- 12,000	- 57,395
Notes and bonds, inflation-indexed²		111,220	0	+ 3,987
Inflation compensation³		19,926	+ 148	+ 1,984
Federal agency debt securities²		4,391	0	- 8,938
Mortgage-backed securities⁴		1,754,368	0	- 14,754
Unamortized premiums on securities held outright⁵		154,279	- 267	- 14,935
Unamortized discounts on securities held outright⁵		-14,038	- 43	+ 928
Repurchase agreements⁶		0	0	0
Loans		24	+ 8	+ 11
Net portfolio holdings of Maiden Lane LLC⁷		1,708	- 1	- 10
Items in process of collection	(0)	75	+ 2	+ 3
Bank premises		2,198	+ 1	- 1
Central bank liquidity swaps⁸		5,011	+ 4,932	- 64
Foreign currency denominated assets⁹		22,166	- 89	+ 2,124
Other assets¹⁰		24,831	+ 1,226	- 1,385

Total assets	(0)	4,386,104	- 6,094	- 88,530

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

5. Consolidated Statement of Condition of All Federal Reserve Banks (continued)

Millions of dollars

Assets, liabilities, and capital	Eliminations from consolidation	Wednesday Apr 4, 2018	Change since
			Wednesday	Wednesday
			Mar 28, 2018	Apr 5, 2017
Liabilities
Federal Reserve notes, net of F.R. Bank holdings		1,593,169	+ 3,634	+ 99,691
Reverse repurchase agreements¹¹		265,257	+ 9,817	- 159,933
Deposits	(0)	2,483,022	- 18,320	- 25,327
Term deposits held by depository institutions		0	0	0
Other deposits held by depository institutions		2,098,731	- 20,274	- 239,045
U.S. Treasury, General Account		300,604	+ 249	+ 217,651
Foreign official		5,254	0	+ 77
Other¹²	(0)	78,434	+ 1,706	- 4,009
Deferred availability cash items	(0)	453	- 150	- 223
Other liabilities and accrued dividends¹³		5,006	- 1,111	- 1,346

Total liabilities	(0)	4,346,908	- 6,129	- 87,137

Capital accounts
Capital paid in		31,696	+ 35	+ 1,107
Surplus		7,500	0	- 2,500
Other capital accounts		0	0	0

Total capital		39,196	+ 35	- 1,393

Note: Components may not sum to totals because of rounding.

1.	Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.
2.	Face value of the securities.
3.	Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.
4.	Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.
5.	Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized. For U.S. Treasury securities, Federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest basis.
6.	Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.
7.	Refer to table 4 and the note on consolidation accompanying table 6.
8.	Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign central bank.
9.	Revalued daily at current foreign currency exchange rates.
10.	Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.
11.	Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.
12.	Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States.
13.	Includes the liability for earnings remittances due to the U.S. Treasury.

6. Statement of Condition of Each Federal Reserve Bank, April 4, 2018

Millions of dollars

Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	Kansas	Dallas	San
Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	City	Dallas	Francisco
Assets
Gold certificate account	11,037	349	3,592	348	553	776	1,520	737	341	191	292	916	1,422
Special drawing rights certificate acct.	5,200	196	1,818	210	237	412	654	424	150	90	153	282	574
Coin	1,822	54	50	184	118	267	183	299	29	52	112	187	286
Securities, unamortized premiums and discounts, repurchase agreements, and loans	4,312,055	84,014	2,428,069	111,335	125,045	252,644	253,822	181,378	57,500	33,623	61,155	172,624	550,846
Securities held outright¹	4,171,790	81,282	2,349,101	107,714	120,978	244,428	245,567	175,460	55,630	32,525	59,166	167,009	532,931
U.S. Treasury securities	2,413,031	47,015	1,358,758	62,303	69,976	141,381	142,040	101,489	32,177	18,813	34,222	96,601	308,256
Bills²	0	0	0	0	0	0	0	0	0	0	0	0	0
Notes and bonds³	2,413,031	47,015	1,358,758	62,303	69,976	141,381	142,040	101,489	32,177	18,813	34,222	96,601	308,256
Federal agency debt securities²	4,391	86	2,473	113	127	257	258	185	59	34	62	176	561
Mortgage-backed securities⁴	1,754,368	34,182	987,870	45,297	50,875	102,789	103,269	73,786	23,394	13,678	24,881	70,233	224,114
Unamortized premiums on securities held outright⁵	154,279	3,006	86,873	3,983	4,474	9,039	9,081	6,489	2,057	1,203	2,188	6,176	19,709
Unamortized discounts on securities held outright⁵	-14,038	-274	-7,905	-362	-407	-823	-826	-590	-187	-109	-199	-562	-1,793
Repurchase agreements⁶	0	0	0	0	0	0	0	0	0	0	0	0	0
Loans	24	0	0	1	0	0	0	19	0	4	0	1	0
Net portfolio holdings of Maiden
Lane LLC⁷	1,708	0	1,708	0	0	0	0	0	0	0	0	0	0
Items in process of collection	75	0	0	0	0	0	74	0	0	0	0	0	0
Bank premises	2,198	112	444	73	120	197	203	201	108	95	235	220	191
Central bank liquidity swaps⁸	5,011	213	1,580	285	404	1,083	290	212	72	23	50	62	738
Foreign currency denominated
assets⁹	22,166	943	6,989	1,259	1,789	4,788	1,281	940	320	102	220	274	3,262
Other assets¹⁰	24,831	518	13,529	640	734	1,671	1,487	1,050	413	204	421	1,013	3,152
Interdistrict settlement account	0	+ 4,095	- 81,810	- 1,371	+ 104	+ 38,023	+ 13,771	+ 40,229	+ 1,872	+ 2,395	+ 9,817	+ 7,416	- 34,542

Total assets	4,386,104	90,493	2,375,969	112,964	129,105	299,861	273,284	225,471	60,806	36,775	72,454	182,995	525,928

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

6. Statement of Condition of Each Federal Reserve Bank, April 4, 2018 (continued)

Millions of dollars

Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	Kansas	Dallas	San
Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	City	Dallas	Francisco
Liabilities
Federal Reserve notes outstanding	1,774,780	59,896	602,953	53,753	88,382	124,040	242,297	114,375	52,041	30,685	47,297	139,389	219,670
Less: Notes held by F.R. Banks	181,610	6,410	48,617	7,090	9,835	13,614	27,330	12,004	5,441	3,667	5,932	17,366	24,305
Federal Reserve notes, net	1,593,169	53,487	554,337	46,663	78,547	110,426	214,968	102,372	46,600	27,018	41,365	122,023	195,365
Reverse repurchase agreements¹¹	265,257	5,168	149,364	6,849	7,692	15,542	15,614	11,156	3,537	2,068	3,762	10,619	33,886
Deposits	2,483,022	30,007	1,657,859	56,971	39,521	164,914	40,019	109,988	9,927	6,977	26,785	49,601	290,454
Term deposits held by depository institutions	0	0	0	0	0	0	0	0	0	0	0	0	0
Other deposits held by depository institutions	2,098,731	29,976	1,327,938	56,969	39,456	164,523	39,981	56,202	9,919	6,976	26,775	49,569	290,446
U.S. Treasury, General Account	300,604	0	300,604	0	0	0	0	0	0	0	0	0	0
Foreign official	5,254	2	5,227	2	3	9	2	2	1	0	0	0	6
Other¹²	78,434	29	24,090	0	61	382	36	53,784	7	0	10	31	2
Deferred availability cash items	453	0	0	0	0	0	67	0	0	386	0	0	0
Earnings remittances due to the U.S. Treasury¹³	974	7	637	9	11	-4	81	32	24	9	5	57	106
Other liabilities and accrued dividends	4,032	162	1,459	185	193	501	295	270	134	137	139	206	351

Total liabilities	4,346,908	88,832	2,363,655	110,676	125,964	291,378	271,044	223,819	60,222	36,596	72,056	182,506	520,160

Capital
Capital paid in	31,696	1,343	9,949	1,861	2,536	6,863	1,806	1,334	475	145	323	396	4,664
Surplus	7,500	319	2,364	426	605	1,620	433	318	108	34	74	93	1,104
Other capital	0	0	0	0	0	0	0	0	0	0	0	0	0

Total liabilities and capital	4,386,104	90,493	2,375,969	112,964	129,105	299,861	273,284	225,471	60,806	36,775	72,454	182,995	525,928

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

6. Statement of Condition of Each Federal Reserve Bank, April 4, 2018 (continued)

1.	Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.
2.	Face value of the securities.
3.	Includes the original face value of inflation-indexed securities and compensation that adjusts for the effect of inflation on the original face value of such securities.
4.	Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.
5.	Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized. For U.S. Treasury securities, Federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest basis.
6.	Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.
7.	Refer to table 4 and the note on consolidation below.
8.	Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign central bank.
9.	Revalued daily at current foreign currency exchange rates.
10.	Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.
11.	Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.
12.	Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States.
13.	Represents the estimated weekly remittances due to U.S. Treasury. The amounts on this line represent the residual net earnings that the Federal Reserve Banks remit to the U.S. Treasury after providing for the costs of operations, payment of dividends, and the amount necessary to maintain a $7.5 billion surplus.

Note on consolidation:

On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended a loan to Maiden Lane LLC (ML) under the authority of section 13(3) of the Federal Reserve Act. ML was formed to acquire certain assets of Bear Stearns. On June 14, 2012, the remaining outstanding balance of the senior loan from FRBNY to ML was repaid in full, with interest. On November 15, 2012, the remaining outstanding balance of the subordinated loan from JPMorgan Chase & Co. to ML was repaid in full, with interest. FRBNY was the primary beneficiary of ML because it received any residual returns and could have absorbed any residual losses should they have occurred. Consistent with generally accepted accounting principles, the assets and liabilities of ML were consolidated with the assets and liabilities of FRBNY in the preparation of the statements of condition shown on this release. As a consequence of the consolidation, the extension of credit from FRBNY to ML was eliminated, the net assets of ML appeared as assets on the previous page (and in table 1 and table 5), and the liabilities of ML to entities other than FRBNY, including those with recourse only to the ML portfolio holdings, were included in other liabilities in this table (and table 1 and table 5).

7. Collateral Held against Federal Reserve Notes: Federal Reserve Agents’ Accounts

Millions of dollars

Federal Reserve notes and collateral	Wednesday
Federal Reserve notes and collateral	Apr 4, 2018
Federal Reserve notes outstanding	1,774,780
Less: Notes held by F.R. Banks not subject to collateralization	181,610
Federal Reserve notes to be collateralized	1,593,169
Collateral held against Federal Reserve notes	1,593,169
Gold certificate account	11,037
Special drawing rights certificate account	5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged^1,2	1,576,932
Other assets pledged	0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities^1,2	4,171,790
Less: Face value of securities under reverse repurchase agreements	260,703
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged	3,911,088

Note: Components may not sum to totals because of rounding.

1.	Includes face value of U.S. Treasury, agency debt, and mortgage-backed securities held outright, compensation to adjust for the effect of inflation on the original face value of inflation-indexed securities, and cash value of repurchase agreements.
2.	Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.

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